Category: Regulatory

The Case: For much of the decade’s winding course of CRS, enforcement measures have been threatened but rarely fulfilled. That seems to be changing. There has not been a new order from the OECD to adopt more draconian policies nor any evidence of a collective resolution by Participating Jurisdictions to…

The Case: The Swiss Financial Market Supervisory Authority (FINMA) has published guidance regarding the Berne Financial Services Agreement (BFSA), an accord between Switzerland and the United Kingdom. The Commentary: Under said treaty, both countries mutually recognise the equivalence of their regulatory and supervisory frameworks in selected financial-services sectors, which simplifies…

The Case: UBS Group AG has applied for a US national bank charter for its US unit. The Commentary: The move is part of a multi-year “Build the Bank” programme to develop new products, systems and a modern core platform with digital and AI-driven capabilities.

The Case: Yesterday, the Federal Council decided to adopt additional measures from the EU’s 18th sanctions package against Russia and Belarus. The Commentary: The new measures, targeting trade, finance, and energy sectors, take effect today. For more see link.

The Case: Today, Switzerland and the European Union (EU) have signed the Amending Protocol to the Agreement on the automatic exchange of financial account information in order to improve international tax compliance. The Commentary: With the Amending Protocol, the Agreement will be aligned with the amended OECD standard and will…

The Case: The Berne Financial Services Agreement (BFSA) between Switzerland and the UK enters into force on 1 January 2026. The Commentary: The UK’s Financial Conduct Authority (FCA) has published detailed guidance explaining eligible activities, authorisation and registration procedures as well as other practical steps in order to help Swiss…

The Case: Yesterday, the Federal Council opened a public consultation on draft ordinances implementing transparency requirements for legal entities and strengthening Switzerland’s anti–money‑laundering and counter‑terrorist financing regime. The Commentary: Under the proposals specific rules concerning the register of beneficial owners will be defined at ordinance level, including obligations for registration,…

The Case: The interactive overview table allows you to sort parliamentary motions and initiatives by number, title, type, and status. The Commentary: Use the full‑text search to find specific keywords in titles. Items in bold mark those newly submitted during the most recent parliamentary session. Click on a linked number…

The Case: The write-off of the Credit Suisse AT1 capital instruments as ordered by FINMA in March 2023 lacked legal basis. The Federal Administrative Court has therefore revoked FINMA’s decree in a partial decision. The Commentary: The Court examined if there was a statutory basis for the write-off order. It…

The Case: Tax information dossier Penal provisions for direct taxes and Additional taxation. The Commentary: The article explains the main tax offences under Swiss direct taxation, including: a) Tax evasion, tax fraud and procedural violations, b) Jurisdiction, procedural rules and limitation periods, c) Voluntary disclosure without penalty (self‑reporting), and d)…

The Case: In the latest reporting cycle (2024) Switzerland exchanged account information with 110 jurisdictions. The Commentary: Roughly 9,000 Swiss financial institutions (banks, trusts, insurers etc.) collected and forwarded data on their clients’ foreign‑resident account holdings to the Federal Tax Administration (FTA).

The Case: Switzerland and the United States have issued a joint statement on foreign exchange matters. The Commentary: Yesterday, the Federal Department of Finance (FDF), the Swiss National Bank (SNB) and the US Department of the Treasury issued a joint statement on macroeconomic and foreign exchange matters, in which Switzerland…